Long Beach Neighborhood Stabilization Program - Page 2

Eligible Properties:

Proceeds may only be used toward the purchase of a vacant, foreclosed, single-family residence located within a qualifying NSP2 area. Short Sales will be eligible provided that the seller is 60 days or more deliquent on their mortgage.

Purchase Assistance:

• Second Mortgage Loan: Purchase Assistance in the form of a silent second morgage assistance (SMA) loan not to exceed $97,000 for low-to moderate-income households.
  
  
• Interest Rate: Contingent, deferred interest in the form of equity sharing equal to the percentage which the Second Mortgage Loan represents of the original purchase price, reduced for each full year which the Borrower owns and occupies the property.
  
  
• Collateral: Promissory Note, secured by Second Deed of Trust
  
  
• Fees to Borrower: None.


• Term: The earliest date that any of the following occur:
• The date the property is sold or title is transferred.
• The date the property is no longer occupied by Borrower.
• The date the first mortgage loan is refinanced (except as approved by the City)

Rehabilitation and Closing Cost Assistance

• Rehabilitation Grant: Borrower is eligible for a grant not to exceed $30K for the purpose of funding Code-related repairs, and/or Green-Lite enhancements


• Closing Cost Grant: Borrower is eligible for a grant not to exceed $10K for the purpose of paying Closing Costs. Grants will be provided based upon demonstrated need on a case-by-case basis.


• Grant Repayment: Grant funds are not required to be repaid by City.

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For more information about the NSP2 Program give 21st Century Home Loan a call today at (562) 984-6280 for more information.